I enjoyed reading the thoughtful previous two comments by @woodyblade and @TInvest they make a great change from some of the mindless forwarding of articles and references to “technical analysis” that in general just “hype” a share.
My understanding is that Nike put a lot into the Jordan brand and things like Nike Dunk. These basically drove their sales. Problem is that people have moved on so brands like On and Hoka are eating some of that cake (at least in the running shoes arena). I notice at the Gym that more people use Adidas so may be this graph is not a surprise:
Compare it to the screenshot that @woodyblade used. You will that see straight away that I have limited the graph to start from Q4 2023. I wanted to emphasise recent performance. Adidas has moved forward since this year pretty much in line with changing trends and fashions. BTW, there are several articles on this that you can google …
WE have to also remember that these brands are global brands … the point being that my anecdotal observations in the Gym may not be representative of fashion desires (and brand growth/income) worldwide.